THE DOMESTIC manufacturing of automobile components holds paramount importance for India’s economic growth and development. The Indian government’s proactive stance on promoting domestic manufacturing through incentives, coupled with supply constraints in China, has created a favourable environment for the country’s automotive component manufacturers.
The indigenous automakers such as Maruti, Tata, and Mahindra command a substantial 65 per cent share of the market, underscoring the ongoing success of the domestic automotive industry.
As per the report by the India Brand Equity Foundation (IBEF), during the fiscal year 2023, passenger vehicle sales reached a total of 3.89 million units. In the same period, India’s automobile exports amounted to 47,61,487 units.
This story is from the January 13, 2024 edition of BW Businessworld.
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This story is from the January 13, 2024 edition of BW Businessworld.
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